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Impala Platinum ZAR

Update

Sector: PGM mining

ZA_IMP

Price chart

182.63 ZARDay 4.88%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
182.63 ZAR · 4.88%
Market cap
163.8 bn ZAR

Growth

Δ revenue y/y
-1.1%
Δ EBITDA y/y
-15.3%

Multiples

P/E (LTM)
215.3x
P/B (FY)
1.8x
P/E (ann.)
8.8x
EV/EBITDA (LTM)
15.0x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
3.2%
FCF yield (LTM)
3.5%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-68.1%
↓ details

Liquidity

Daily turnover (listing)
103.9 mln ZAR

Shares: yahoo_fundamentals_timeseries/IMP.JO

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial dynamics

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2025-12-31H1 2025 (6M)OK60.8
y/y —
13.3
y/y —
4.5
y/y —
17.8
y/y —
9.3
y/y —
9.8-2.9142.7
y/y —
101.9
y/y —
19.3%-12.8Link
2025-06-30FY 2025 (12M)OK85.5
y/y -1.1%
2.4
y/y -32.8%
7.7
y/y -7.9%
10.1
y/y -15.3%
0.8
y/y —
7.4-6.9135.9
y/y 2.2%
91.6
y/y 0.2%
0.8%-8.5Link
2024-06-30FY 2024 (12M)OK86.4
y/y -18.9%
3.6
y/y -83.9%
8.4
y/y 8.2%
11.9
y/y -60.1%
-17.3
y/y -453.0%
6.9-14.0133.0
y/y -21.5%
91.4
y/y -20.4%
-16.8%-7.1Link
2023-06-30FY 2023 (12M)OK106.6
y/y —
22.1
y/y —
7.7
y/y —
29.9
y/y —
4.9
y/y —
23.6-12.7169.4
y/y —
114.8
y/y —
—-25.3Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

025 00050 00075 000100 0002023 FY2024 FY2025 FY

Year-over-year change

-80%-60%-40%-20%0%2023 FY2024 FY2025 FY

Cash flow

FCF (ZAR mln)

-5 00005 00010 00015 0002023 FY2024 FY2025 FY

Net debt / cash (ZAR mln)

-30 000-20 000-10 00002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Platinum

Current 1 640spot vs LTM -9%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -68.1%

Main driver: Platinum -9% vs LTM; revenue ×0.91 vs costs ×1.04; EBITDA 35 672→13 345; at 2.9× EV/EBITDA → -68%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Platinum (rev)+35%1 640.301 808.141 287.04-9%-29%
Palladium (rev)+30%1 269.001 460.881 207.71-13%-17%
Rhodium (rev)+25%8 150.008 685.516 228.38-6%-28%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue121 546
LTM EBITDA35 672
LTM cash costs (revenue − EBITDA)85 874
2 · Revenue projection
Revenue multiplier — spot×0.913 (-9%)
= Spot revenue110 934
Revenue multiplier — 3y price×0.776 (-22%)
= 3-year-price revenue94 373
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs89 309
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs89 309
4 · EBITDA projection (revenue − costs)
= Spot EBITDA21 625
= 3-year-price EBITDA5 064
Conservative EBITDA = min(spot, avg)13 345
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)2.9x
Target EV = EV/EBITDA × conservative EBITDA38 612
Net debt-12 808
Target market cap = EV − net debt51 420
Current market cap161 396

Upside = target market cap ÷ current − 1 = -68.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY106 594101 146+5.4%17 95331 488-43.0%
2024 FY86 39876 631+12.7%11 923-15 566—
2025 FY85 45988 524-3.5%10 10111 070-8.8%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -1% vs -19% the year before — a +17.9 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -10% · 2024 -19% · 2025 -1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.9x · target 75th pct (3y) 10.9x · LTM avg 7.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-25410 ZAREx-dividend: 410 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-17165 ZAREx-dividend: 165 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-20165 ZAREx-dividend: 165 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-22420 ZAREx-dividend: 420 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-211 050 ZAREx-dividend: 1 050 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-16525 ZAREx-dividend: 525 ZAR per sharePaidYahoo Finance (ex-div)
2021-09-211 200 ZAREx-dividend: 1 200 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.implats.co.za/investor-relations.php

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)